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What was the impact of the share dividend

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Question - On January 1, 2019, Olive Corporation had 110,000 shares of its P5 par value ordinary shares outstanding. On June 1, the corporation acquired 10,000 shares to be held in the treasury. On December 1, when the market price of the shares was P8, the corporation declared a 10% share dividend to be issued to shareholders of record on December 16, 2019. What was the impact of the 10% share dividend on the balance of the retained earnings account?

Reference no: EM132980065

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